ETF Research Center

The Fund seeks to provide long-term capital appreciation by investing in stocks with strong recent performance as determined by the advisor.

FUND BASICS
Category	US Equities
Fund Sponsor	Vanguard
Website	www.vangaurd.com
Inception date	Feb 13, 2018
Assets (mns)	$31
Currency	USD
Expense ratio	13 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	491
Wgt avg mkt cap (mns)	$43,194
Large cap (>$10bn)	48.7%
Mid cap ($2-10bn)	31.6%
Small cap (<$2bn)	19.7%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	9.0 %
APPLIED MATERIALS INC	1.1 %
PROCTER & GAMBLE CO/THE	1.0 %
DOLLAR GENERAL CORP	1.0 %
STARBUCKS CORP	1.0 %
MASTERCARD INC-CLASS A	0.9 %
AMERICAN TOWER CORP-CL A	0.9 %
AIR PRODUCTS & CHEMICALS INC	0.8 %
WASTE MANAGEMENT INC	0.8 %
MCDONALD'S CORP	0.8 %
ESTEE LAUDER COMPANIES-CL A	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	BRITAIN	1.4 %
	BERMUDA	0.8 %
	IRELAND	0.8 %
	PUERTO RICO	0.5 %
	NETHERLANDS	0.4 %
	SWITZERLAND	0.3 %
	MONACO	0.2 %
	CAYMAN ISLANDS	0.2 %
	ARGENTINA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.5%	7.2%	--	--	4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	78%
MSCI EAFE	0.96	47%
MSCI Emg. Mkts.	0.68	33%

Technical Indicators
Recent close	$82.98
30d moving avg.	$81.48
Annualized volatility	17.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$55,446

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard U.S. Momentum Factor ETF based on the alternatives' overlap in portfolio holdings with VFMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VFMO

Expense:

13 bp

ALTAR Score™:

2.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VFMO
Ticker	Fund Name	Overlap¹ vs VFMO (%)	Expense ratio (bp)	Savings vs VFMO (bp)	ALTAR Score™ (%)	ALTAR vs VFMO (%)
FAD	First Trust Multi Cap Growth	43.1	69	-56	3.4	+0.6
JMOM	JPMorgan U.S. Momentum Factor	35.9	12	1	4.3	+1.5
FTC	First Trust Large Cap Growth	32.0	61	-48	3.7	+0.8
MMTM	SPDR S&P1500 Momentum Tilt	30.5	12	1	5.4	+2.6
FDMO	Fidelity Momentum Factor	29.8	29	-16	4.2	+1.3
OMOM	Invesco Russell 1000 Momentum Factor ETF	28.4	19	-6	5.3	+2.5
SPMO	Invesco S&P 500 Momentum Portfolio	28.1	13	0	4.2	+1.4
MTUM	iShares MSCI USA Momentum Factor	26.8	15	-2	4.4	+1.6
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity	26.4	29	-16	6.3	+3.5
USMV	iShares MSCI USA Minimum Volatility	26.2	15	-2	5.2	+2.4
SCIU	Global X Scientific Beta US	26.1	19	-6	5.7	+2.9
AUSF	Global X Adaptive U.S. Factor	25.7	27	-14	8.2	+5.4
USLB	Invesco Russell 1000 Low Beta Equal Weight	25.2	35	-22	5.8	+3.0
DYNF	BlackRock U.S. Equity Factor Rotation	25.2	30	-17	6.6	+3.7
JPUS	JPMorgan Diversified Return U.S. Equity	25.0	19	-6	6.3	+3.5
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	24.9	9	4	6.4	+3.6
VFMF	Vanguard U.S. Multifactor	24.9	18	-5	6.7	+3.8
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	24.8	9	4	6.5	+3.7
DEUS	Xtrackers Russell 1000 Comprehensive Factor	24.7	17	-4	6.4	+3.5
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	24.7	35	-22	6.1	+3.3

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Vanguard U.S. Momentum Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.4	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	2.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.